Open Source Personal Financial Accounting Software

For years I used Intuit Quicken to keep track my checking, stock trading,... in Microsoft Windows PC. Now, I used Ubuntu Linux most of the time. Thus I'm going to find an Open Source software similar as Intuit Quicken in Microsoft Windows. GnuCash, Grisbi or Homebank, which one is good? Which one can import my stuff from Quicken and export tax in TXF format? Let Google to find out other's comments and download to experience by myself

It's a right thing to do

After Paulson and Cox took action, I'm looking for this:
FBI investigating companies at heart of meltdown.

If you hold GS, you have a good news:
Goldman Gets Buffett's Backing in $7.5 Billion Fundraising Plan

Treasury Department's Bailout Proposal To Congress

The following is the text of a legislative proposal to give the Treasury department authority to purchase mortgage-related assets.

Section 1. Short Title.

This Act may be cited as ____________________.

Sec. 2. Purchases of Mortgage-Related Assets.

(a) Authority to Purchase.–The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.

(b) Necessary Actions.–The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:

(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;

(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;

(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;

(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and

(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.

Sec. 3. Considerations.

In exercising the authorities granted in this Act, the Secretary shall take into consideration means for–

(1) providing stability or preventing disruption to the financial markets or banking system; and

(2) protecting the taxpayer.

Sec. 4. Reports to Congress.

Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.

Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.

(a) Exercise of Rights.–The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.

(b) Management of Mortgage-Related Assets.–The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.

(c) Sale of Mortgage-Related Assets.–The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.

(d) Application of Sunset to Mortgage-Related Assets.–The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.

Sec. 6. Maximum Amount of Authorized Purchases.

The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time

Sec. 7. Funding.

For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.

Sec. 8. Review.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Sec. 9. Termination of Authority.

The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.

Sec. 10. Increase in Statutory Limit on the Public Debt.

Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.

Sec. 11. Credit Reform.

The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.

Sec. 12. Definitions.

For purposes of this section, the following definitions shall apply:

(1) Mortgage-Related Assets.–The term "mortgage-related assets" means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.

(2) Secretary.–The term "Secretary" means the Secretary of the Treasury.

(3) United States.–The term "United States" means the States, territories, and possessions of the United States and the District of Columbia.

Another Bad Day on Wall Street

Dow lost 450 points after the FED loan 85 billion to AIG. Hope tomorow, it better.

Bear Rule!

As expected, DOW down 500 points. It will continue go down below or around 10K in next few days or weeks. The FED must CUT the rate.

Cash is KING!

Lehman Files For Bankruptcy

What a crazy weekend!

Lehman Brothers to File for Bankruptcy After Suitors Drop Out
Bank of America to Buy Merrill
AIG Scrambles to Raise Cash, Talks to Fed

Tomorrow will be a nasty trading day. Market may be drop about 3 digits, I guess.

Oil Down. Gold Down. Strong Dollar

Oil $101.14
Gold $755.00

1 USD = 1.4004 EUR
Euro Trades Near One-Year Low on Speculation Production Shrank

WM $2.83 52-Week: High $39.25 (09/19/07) Low $1.75 (09/11/08) 1-Yr Return -91.713%

LEH $4.220 52-Week: High $67.73 (11/14/07) Low $3.79 (09/11/08) 1-Yr Return -92.465%
Who will buy Lehman? BAC?

U.S Government takes over Fannie Mae and Freddie Mac

Excerpt from AP articles written by MARTIN CRUTSINGER and ALAN ZIBEL:

WASHINGTON - The Bush administration's seizure of troubled mortgage giants Fannie Mae and Freddie Mac is potentially a $200 billion bet that it will help reverse a prolonged housing and credit crisis.

The historic move announced Sunday won support from both presidential campaigns, but private analysts worried that it may not be enough to stabilize the slumping housing market given the glut of vacant homes for sale, rising foreclosures, rising unemployment and weak consumer confidence.

Officials announced that both giant institutions were being placed in a government conservatorship, a move that could end up costing taxpayers billions of dollars. Treasury Secretary Henry Paulson said allowing the companies to fail would have extracted a far higher price on consumers by driving up the cost of home loans and all other types of borrowing because the failures would "create great turmoil in our financial markets here at home and around the globe."

Mark Zandi, chief economist at Moody's Economy.com predicted that 30-year mortgage rates, currently averaging 6.35 percent nationwide, could dip to close to 5.5 percent. That's because investors will be more willing to buy the debt issued by Fannie and Freddie — and at lower rates — since the federal government is now explicitly standing behind that debt.

From CNN: U.S. seizes Fannie and Freddie:

The sweeping plan, announced by Treasury Secretary Henry Paulson and James Lockhart, director of the Federal Housing Finance Agency, places the two companies into a "conservatorship" to be overseen by the Federal Housing Finance Agency. Under conservatorship, the government would temporarily run Fannie and Freddie until they are on stronger footing.

From Bloomberg: Paulson Engineers U.S. Takeover of Fannie, Freddie

``Our economy and our markets will not recover until the bulk of this housing correction is behind us,'' Treasury Secretary Henry Paulson, who engineered the takeover along with Federal Housing Finance Agency Director James Lockhart, said in Washington today. ``Fannie Mae and Freddie Mac are critical to turning the corner.''

Video CNBC.com: Fannie, Freddie: What Steps Next?

In the short term, the Federal bailout of Fannie Mae and Freddie Mac removes the uncertainty from markets. Steve Forbes, Chairman & CEO Forbes Inc, thinks the next step forward should be to split the companies up into pieces, recapitalize them and ship them out into the private markets. Bill Smith, President and Senior Portfolio Manager at SAM ADVISORS and CNBC's Martin Soong, Maura Forgarty, Steve Liesman join in the discussion.

Warren Buffett

Another good article I read today at MSN written by Tim Hanson and Brian Richards for The Motley Fool: Why Buffett is smarter than you

Some interesting portions:

At 77, Warren Buffett is no spring chicken. The fact is, most people his age are looking to get money out of the market rather than put money into it.

Yet Buffett is continuing his life's work in the same way he always has.

and

Buffett's abilities did not develop overnight. It's been a lifelong process -- one that he began at age 11. So while he may be a better investor than we are today, we can at least learn from his experiences and -- like he did -- become superior investors over time. That means:

* Buying for life (or, at least, the long term).
* Buying small (perhaps our lone advantage).
* Buying based on thorough research and due diligence.

I agreed with the last two: buying small and buying based on thorough research. However I'm not sure buying for life is still valid for today?

"I will tell you how to become rich. … Be fearful when others are greedy. Be greedy when others are fearful."
-- Warren Buffett

All red!

Dow down 242